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Singapore stock exchange will use blockchain for tokenised digital settlements
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Deloitte and Nasdaq will assist Singapore's stock exchange and central bank to develop the DLT project.
Singapore Exchange (SGX) and the country's central bank, the Monetary Authority of Singapore (MAS), will partner to develop a blockchain-based system that readily settles digital currency and securities transactions.
The organisations will establish Delivery versus Payment (DvP) capabilities for use on the blockchain platform. SGX defines DvP as a comprehensive settlement procedure where securities and monies are simultaneously exchanged to ensure that the delivery of securities only occurs if the corresponding payment is made.
Dollar To Sgd Exchange Rate , will assist financial institutions and corporate investors to reduce risk and enhance the efficiency of digital settlements throughout Singapore.
SGX and MAS have appointed professional services network Deloitte, technology provider Anquan Capital and American stock exchange Nasdaq as primary technology partners, tasked with an array of different duties.
Phase 1 of Project Ubin produced a digital Singapore dollar token for inter-bank settlement testing. In Phase 2, SGX developed three different software prototypes for decentralised inter-bank payments.
Anquan previously tested on-chain scalability, decentralised security and privacy features with SGX on BondChain. Deloitte implemented and designed the distributed ledger technology (DLT) prototype for Project Ubin. The company was able to ease counterparty risks and carry out settlements with clearing members. Nasdaq will develop technological capabilities to bridge the gap between blockchains from both SGX and MAS.
A report will be composed, detailing the potential of automated DvP settlement via blockchain smart contracts. This evaluation report will be released in the coming months, due by November 2018.
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Last week, Thailand’s central bank announced plans to
develop a proof-of-concept prototype digital currency
In July, Singapore Airlines’ KrisFlyer frequent-flyer programme launched KrisPay, the company’s miles-based digital wallet that allows members to earn miles, easily convert them and spend them with partner merchants.
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